S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7253--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 19, 2023
                                ___________
 
 Introduced  by  Sen.  CANZONERI-FITZPATRICK  --  read  twice and ordered
   printed, and when printed to be committed to the Committee  on  Educa-
   tion  --  committee  discharged,  bill  amended,  ordered reprinted as
   amended and recommitted to said committee
 
 AN ACT relating to establishing the Island Park  LIPA  power  plant  tax
   assessment reserve fund
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Legislative findings. The legislature  hereby  finds  that
 the  tax certiorari settlement between Nassau County and the Long Island
 Power Authority regarding the Island Park  Power  Plant  may  result  in
 instability  in  the real property tax base and the budget of the Island
 Park union free school district due to a decrease in  revenue  or  taxes
 and/or a significant shift in tax liability to the taxpayers.
   § 2. Definitions. As used in this act:
   (a) "Board of education" or "board" shall mean the board of  education
 of the Island Park union free school district.
   (b) "Power plant tax assessment reserve fund" or "fund" shall mean the
 power  plant tax assessment reserve fund  established  pursuant  to this
 act.
   (c)  "School  district"  or  "district"   shall mean the  Island  Park
 union free school district.
   §  3.  Power plant tax assessment reserve fund. The board of education
 is hereby authorized to establish a power plant tax  assessment  reserve
 fund  to lessen or prevent increases in the school district's real prop-
 erty tax levy and/or tax rate resulting from  decreases  in  revenue  or
 taxes  or  a  significant shift in tax liability due to a tax certiorari
 settlement or judgment provided, however, that no  such  fund  shall  be
 established unless approved by a majority vote of the voters present and
 voting  on  a  separate  ballot proposition therefor at either a special
 district meeting which the board of education may call for such  purpose
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09707-04-3
              

 S. 7253--A                          2
 
 or  at  the  annual  district  meeting  and  election, to be noticed and
 conducted in either case in accordance with article 41 of the  education
 law.  Such  separate  proposition  shall set forth the maximum allowable
 balance  to  be  deposited  and  held  in the power plant tax assessment
 reserve fund. Moneys shall be paid into and withdrawn from the fund  and
 the fund shall be administered as follows:
   (a) For any school district fiscal year commencing after the effective
 date  of  this  act  and  after the establishment of the power plant tax
 assessment reserve fund, the board of  education  may  receive  payments
 into  its  power  plant  tax assessment reserve fund from any sources of
 revenue resulting from a settlement with the Long Island Power  Authori-
 ty;  provided  that  no payment into the fund shall cause the balance of
 the fund to exceed the amount approved in the ballot proposition  pursu-
 ant to this subdivision.
   (b)  Moneys  may  be  withdrawn  from  the  power plant tax assessment
 reserve fund by resolution of the board  for  any  fiscal  year,  to  be
 expended  for  any lawful purpose, to lessen or prevent increases in the
 district's tax levy and/or tax rate. Withdrawals from the fund shall  be
 disclosed  in a manner consistent with the required disclosures of simi-
 lar reserve funds held by the district, including  disclosures  required
 by the property tax report card prepared by the district pursuant to the
 provisions  of  subdivision  7 of section 1716 of the education law; and
 deposits and withdrawals made in each fiscal year shall  be  subject  to
 the district's annual budget approval process.
   (c) The moneys in the power plant tax assessment reserve fund shall be
 deposited,  invested  and  accounted  for  in the manner provided for in
 subdivisions 2 and 6 of section 3651 and section 3652 of  the  education
 law.
   § 4. This act shall take effect immediately.